Mid-Day Gold & Silver Report – 4/30/2012

Brandi Brundidge

4/30/2012 12:11:00 PM

GOLD PRICE BACK NEAR EVEN; COMMERCE DEPARTMENT SHARES MIXED VIEW 

The Gold price stayed mostly steady for the first half of Monday. The price lowered this morning based on the strength of the American dollar. Later in the morning, information was released that softened Gold’s price drop. With less growth in the United States and a higher expectation for quantitative easing, Gold has been able to remain steady. “Gold’s ability to hold above $1,620 an ounce this month, despite several tests of that level, is cheering investors that the longer-term bull trend is intact,” analysts said.

The financial issues in Europe have been well-documented. Germany has yet to follow the pack toward instability. Germany’s sales, employment, and overall economic growth have bucked the trend of European failures.  Bob Parker, a senior adviser for Credit Suisse, said, “What we’re now seeing is a modest improvement in retail spending, and with the low unemployment, the German economy should grow at a minimum of 0.7 percent — I’m assuming spending will slowly improve.”

American consumer spending reports are worse than expected. Higher gasoline prices and lack of consumer confidence are major factors in the disappointing numbers. Surveys show small-business hiring slowed in April, which adds to the pressures on the consumer market. However, on a bright side, the manufacturing reports have shown improvements. “Personal spending rose 0.2 percent in March, in the 12 months through March the PCE index was up 2.1 percent, the lowest in a year but still just above the U.S. Federal Reserve's target of 2 percent,” the Commerce Department said.

At 1:07 p.m. (EDT), the APMEX precious metals spot prices were:

• Gold - $1,664.80 - Down $1.00
• Silver - $31.03 - Down $0.39
• Platinum - $1,572.30 - Down $3.40
• Palladium - $683.50 - Up $1.00

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